dax further potential upside 1824852016
Daily Outlook, Thurs 04 August 2016 (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) has indeed staged […]
Daily Outlook, Thurs 04 August 2016 (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) has indeed staged […]
(Click to enlarge charts)
The Germany 30 Index (proxy for the DAX futures) has indeed staged the expected rebound right above our predefined medium-term pivotal support of 10060 after it printed a low of 10094 on Wednesday, 03 August during the early European session.
Current price action is now coming close to the first target/resistance at 10280 (today’s Asian intraday high at 10227. Please click on this link for a recap on our previous daily short-term technical outlook/strategy.
Intermediate support: 10170
Pivot (key support): 10060 (medium-term)
Resistances: 10380 & 10530/650
Next support: 9800
Maintain bullish bias. The Index may see a minor dip first towards the intermediate support at 10170 and as long as the 10060 medium-term pivotal support holds, it is likely to stage a further potential push up to test the 10380 resistance and above it may open up scope for a further upleg to target the resistance zone of 10530/650.
However, a break below the 10060 medium-term pivotal support is likely to invalidate the preferred bullish scenario for a deeper decline towards the next support at 9800 (the former minor swing high area of 04 July 2016 that has been tested several times at the swing lows of 06 May to 24 May 2016).
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